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In Uzbekistan, two banks are now allowed to make crypto cards. The National Agency for Prospective Projects (NAPP) said yes to this.

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Mastercard-Backed Crypto Cards to Be Offered by Private Banks:

The National Agency for Prospective Projects (NAPP) said on August 14 that two private banks in Uzbekistan, Kapital Bank and Ravnaq Bank, can now give out cryptocurrency cards and be part of the NAPP’s digital sandbox for crypto rules. Ravnaq Bank got approval recently, but Kapital Bank got theirs in May already.

These two private banks will make UzNEX cards, and big payment company Mastercard will help them. These cards will let you connect a bank account with a crypto exchange and an automated way to trade, says Cointelegraph.

Kapital Bank and Ravnaq Bank are two of the three places in the Uzbeki national sandbox, says the NAPP. The third one is “UZINFOCOM,” which makes and helps state information systems. They will use technology called “blockchain” to make certificates for things in the “.UZ” domain zone.

Both banks need to finish giving these cards to customers by December 2023.

Uzbekistan Limits Crypto Services to Licensed Companies:

The government of Uzbekistan first gave licenses to local crypto companies in November 2022, as said by the NAPP. But starting from 2023, it only lets licensed crypto companies give crypto services.

Before explaining the rules for crypto services, the government of Uzbekistan stopped people from using some big crypto exchanges like Binance, Huobi, and FTX. They said these exchanges were doing things without a license.

Uzbekistan made rules for how crypto should work in early 2022, and they started the NAPP to watch over this.

In October 2021, the government of Uzbekistan started being strict with the crypto world. They found many crypto exchanges were doing things that were not allowed.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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